Live: ASX set to slip despite strength in global markets

The Australian share market is poised for a subdued opening, with ASX 200 futures indicating a slip despite a strong performance in European markets. While Wall Street remained closed for the Independence Day holiday, European stocks climbed to a new record high on Friday, with the Eurostoxx 50 gaining 0.8%. However, this positive momentum is unlikely to translate to a strong start locally, as ASX 200 futures were down 0.4% at the close of trading on Saturday morning.

Stephen Letts from the ABC business team will provide live coverage of the day's events. The market snapshot shows ASX 200 futures at -0.4% to 8,794 points, a contrast to the previous Friday's close of +1.4% to 8,844 points. The Australian dollar saw a slight increase, trading at +0.3% to 69.40 US cents. Commodity prices showed mixed movements, with spot gold up 1.3% to $US4,175/ounce, Brent crude futures up 0.2% to $US71.94/barrel, and iron ore up 0.8% to $US98.80/tonne. Copper prices saw a slight dip of -0.1% to $US13,286/tonne, and Bitcoin was down 0.8% at $US62,699.

On the economic data front, the day is relatively quiet, with only a couple of private sector releases scheduled. The ANZ job ads series and the Melbourne Institute inflation gauge are expected to be published later this morning. These releases will provide insights into the labor market and inflation trends, which could influence market sentiment.